Discount store with over 350 shops that rivals B&M and Poundland launches closing down sale

A DISCOUNT store with more than 350 branches is to close another one of its stores for good.

Poundstretcher is gearing up to close its site in Romford, east London.

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Signs in the shop window offering discounts to shoppers confirmed that the store is shutting down, according to local media reports.

An exact date for the closure is yet to be announce and The Sun has contacted Poundstretcher for more information.

The store opened in 2021, replacing a store left empty by rival discounter B&M.

The news comes after Poundstretcher revealed that it will also be closing its site in Kilmarnock, Scotland.

It follows a wave of Poundstretcher closures this year.

The discount retailer closed its branch in Grantham in July while pulling down the shutters on its store in St Austell before September.

Meanwhile, the Hawley Retail Park store in Hinckley shut on July 8, while its Penzance shop in Cornwall closed on July 5.

The Poundstretcher in Churchill Way Retail Park store in Leyland also shut for good back in June.

But it’s not all bad news for the retailer as it has been expanding on the high street as well.

In February, it revealed plans to open 50 new stores by the end of the year and opened 30 locations in 2022.

It comes as a number of businesses struggle with shoppers turning their attentions to online retail.

High energy and wage costs are also forcing retailers to close for good too.

Some have disappeared from the high street completely, including M&Co and Cath Kidston.

Wilko and Paperchase also crashed into administration this year.

But it’s not all bad news as a number of retailers, like Poundstretcher, have been expanding their portfolios too.

In July, rivals B&M said it would be opening several new branches within weeks following a string of closures.

Meanwhile, Poundland has plans to open 75 new stores by Christmas, with many popping up in former Wilko sites.

One Beyond, which currently has 107 branches, could take on up to 10 former Wilko sites too.

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This post first appeared on thesun.co.uk